| Genworth Financial disclosed that, based on recently enacted legislation, it expects to recover approximately $85M in Federal income tax refunds, considering results through Q3. The exact amount of the recovery will be determined by results for the remainder of this year, with any statutory tax benefit being recorded in Q4. This legislation expands the carryback period for certain net operating losses to five years from two years. On a statutory basis, a significant portion of this recovery will benefit the U.S. Mortgage Insurance business, and is expected to increase the regulatory Risk To Capital ratio by 0.5 to 1.0 points by year end. :theflyonthewall.com |
